Fiscal 2015 and Fourth Quarter Results

August 6, 2015

SOLID PORTFOLIO. SOLID FUTURE.

2

Cautionary Statement This presentation contains certain forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward‐looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from the projections and estimates contained herein and include, but are not limited to: new additions to the Company’s portfolio projected to produce in the lower half of world‐wide production costs; production and mine life estimates from the operators of the Company’s properties; the production, reserves, resources, sustaining costs, optimization, potential to expand mine life and net GEOs per year over the next five years at Pueblo Viejo; net GEOs over the next five years at other key mines; reserves and net GEOs expected from the Andacollo mine; the ramp‐up of production from the Mount Milligan mine; construction progress, reserves and resources at the Wassa, Bogoso and Prestea, Phoenix Gold and Rainy River projects; anticipated growth in the volume of metals subject to the Company’s royalty and stream interests; the impact of exchange rates on the Company’s full year effective tax rate; and statements or estimates from operators of properties where we have royalty and stream interests regarding the timing of development, construction and commencement of production, or their projections of steady, increasing or decreasing production once in operation. Factors that could cause actual results to differ materially from these forward‐looking statements include, among others: the risks inherent in construction, development and operation of mining properties, including those specific to new mines being developed and operated in foreign countries; changes in gold, silver, copper, nickel and other metals prices; performance of and production at the Company’s properties; decisions and activities of the Company’s management; unexpected operating costs; decisions and activities of the operators of the Company’s royalty and stream properties; changes in operators’ mining and processing techniques or royalty calculation methodologies; resolution of regulatory and legal proceedings (including with Vale regarding Voisey’s Bay); unanticipated grade, geological, metallurgical, environmental, processing or other problems at the properties; inaccuracies in technical reports and reserve estimates; revisions by operators of reserves, resources, mineralization or production estimates; changes in project parameters as plans of the operators are refined; the results of current or planned exploration activities; discontinuance of exploration activities by operators; economic and market conditions; variations between operators’ production estimates and our estimates of net GEOs; operations on lands subject to aboriginal rights; the ability of operators to bring non‐producing and not‐yet‐in‐development projects into production and operate in accordance with feasibility studies; challenges to the Company’s royalty interests, or title and other defects in the Company’s royalty properties; errors or disputes in calculating royalty payments or stream deliveries, or payments or deliveries not made in accordance with royalty or stream agreements; the liquidity and future financial needs of the Company; the impact of future acquisitions and royalty and stream financing transactions; adverse changes in applicable laws and regulations; litigation; and risks associated with conducting business in foreign countries, including application of foreign laws to contract and other disputes, environmental laws, enforcement and uncertain political and economic environments. These risks and other factors are discussed in more detail in the Company’s public filings with the Securities and Exchange Commission. Statements made herein are as of the date hereof and should not be relied upon as of any subsequent date. The Company’s past performance is not necessarily indicative of its future performance. The Company disclaims any obligation to update any forward‐looking statements. Endnotes located on pages 22 and 23.

August 6, 2015

Today’s Speakers

August 6, 2015 3

Tony Jensen President and CEO

Bill Heissenbuttel VP Corporate

Development & Operations

Stefan Wenger CFO and Treasurer

Record Operating Cash Flow in FY2015

August 6, 2015

Cash

from

ope

ratio

ns

(in m

illio

ns)

4

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$0

$50

$100

$150

$200

$250

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015

Cash from Operations Average Gold Price

Average Gold Price/oz

Record Volume in FY2015

5

Other

Mt Milligan

August 6, 2015

Net

Gol

d Eq

uiva

lent

Oun

ces (

GEO

s)1

(in th

ousa

nds)

8% Compounded Annual Growth Rate FY2010 through FY2015

0

50

100

150

200

250

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015

Investment Summary Four new streams added to the portfolio in recent months Opportunistically reinvesting in our business Favorable point in the commodity cycle Focusing on high quality producing or near‐term producing assets Diversifying revenue

August 6, 2015 6

Pueblo Viejo Rainy River

Golden Star Andacollo

Operator Property Strategic Rationale

Estimated Annual Net GEO’s (1st 5

years)

Effective Date or

Estimated Startup

Total Investment

Barrick Pueblo Viejo

Producing; one of only 3 mines in the world to produce >1m oz per

year; first quartile costs; high quality resources with further

exploration potential

50,500 AuEq1

July 1, 2015 ‐ Au

Jan 1, 2016 ‐Ag

$610m

New Gold Rainy River

Under construction; quality deposit; significant exploration potential; proven management

team; Canada

17,5002 Startup

expected mid‐2017

$175m

Teck Andacollo Producing; increased economic

participation (rate and duration) and expanded area of interest

40,0003 July 1, 2015 $525m*

Golden Star

Wassa, Prestea

Producing and developing low cost projects, large land package

with exploration optionality 18,5004 April 1, 2015 $150m

Four New Streams Added to the Portfolio

August 6, 2015 *In a separate transaction, Royal Gold terminated its prior royalty interest in Andacollo and received $345 million gross proceeds from Teck in July 2015. 7

Opportunistically Deploying Capital

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

Jul‐30‐2010 Jul‐30‐2011 Jul‐30‐2012 Jul‐30‐2013 Jul‐30‐2014 Jul‐30‐2015

Mt. Milligan II

Mt. Milligan III

El Morro

Phoenix

Ilovitza

Wassa/Prestea

Andacollo Stream

Rainy River

Gold Price When Royal Gold Made Investments, 2010‐present

August 6, 2015

Mt. Milligan I

Spot

Gol

d Pr

ice

in U

S Do

llars

Includes investments >$30 million 8

Pueblo Viejo

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

FY2015 Future

Enhanced Revenue Diversity with New Investments

August 6, 2015 9

FY2015 Volume Plus Relative Contribution from New Streams

Mount Milligan

Rainy River

Golden Star

Pueblo Viejo

Andacollo Stream

Andacollo

0

200

300

100

Net

Gol

d Eq

uiva

lent

Oun

ces (

GEO

s)

(in th

ousa

nds)

0%

50%

100%

FY2015 Future

Percentage of Total Net Revenue

10

New Business Transforming the RGLD Portfolio Pueblo Viejo – Barrick Gold (60% interest), Dominican Republic

Project (100% basis): 2014 production of 1.1 million ounces (“Moz”) of gold and 3.8 Moz silver at all‐in sustaining

costs of $588 per ounce Proven and probable reserves of 15.5 Moz gold and 97.2 Moz silver1 Measured and indicated resources of 10.5 Moz gold and 61.2 Moz silver2

The only mine in the world with annual production of more than 1.0 Moz gold at all‐in sustaining costs below $700 per ounce for the next three years 2015‐20173

Barrick’s technical experts have identified multiple opportunities to further optimize operations including increasing plant throughput by optimizing ore blending and autoclave ability; and reducing costs by optimizing maintenance programs

Pueblo Viejo has significant reserves and resources with potential to expand the mine life

August 6, 2015

11

New Business Transforming the RGLD Portfolio Pueblo Viejo – Barrick Gold (60% interest), Dominican Republic

Stream:1

7.5% of Barrick’s gold interest until 990,000 ounces, and 3.75% thereafter 75% of Barrick’s silver interest until 50.00 Moz, and 37.5% thereafter, with silver

deliveries based on a fixed 70% recovery rate Royal Gold will pay 30% of the spot price per ounce of gold until 550,000 ounces of gold,

and 60% of the spot price per ounce thereafter; and 30% of the spot price per ounce of silver until 23.10 Moz silver, and 60% of the spot price per ounce thereafter

Closing expected within 90 days

August 6, 2015

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Project: Over its first nine years of full production, the 21,000 tonne per day, combined open pit‐

underground operation is expected to produce an average of 325,000 ounces of gold per year at all‐in sustaining costs of approximately $670 per ounce

Proven and probable reserves of 3.1 Moz gold and 8.0 Moz silver Measured and indicated gold resource of 2.9 Moz and 10.0 Moz silver

Stream:1

6.5% gold stream to 230koz, 3.25% thereafter; 60% silver stream to 3.1 Moz, 30% thereafter

Royal Gold will pay 25% of the spot price per ounce

Rainy River – New Gold, Canada

August 6, 2015

New Business Transforming the RGLD Portfolio

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Project: Long operating history Well‐respected partner in Teck, Canada’s largest diversified resource company Proven and probable reserves of 1.6 Moz gold and a 22 year mine life

Stream:1

100% gold stream to 900koz; 50% thereafter, subject to 89% payable factor Royal Gold will pay 15% of spot price per ounce Larger economic interest in terms of duration and gold interest vs. prior royalty Expanded footprint encompassing additional mineral rights and a 1.5 kilometer area of

interest relative to prior royalty

Andacollo – Teck, Chile

August 6, 2015

New Business Transforming the RGLD Portfolio

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Wassa and Prestea – Golden Star Resources, Ghana

Projects: Higher quality Wassa and Prestea underground projects under construction Proven and probable reserves of 1.9 Moz gold across all deposits Measured and indicated gold resources of 3.5 Moz at Wassa and 3.1 Moz at Bogoso

and Prestea Stream:1 8.5% gold stream to 185koz; 5% for an additional 22.5koz; 3% thereafter Royal Gold will pay 20% of the spot price per ounce to 207.5koz; 30% thereafter Investment is funding underground development at Wassa and Prestea

August 6, 2015

New Business Transforming the RGLD Portfolio

20

25

30

35

40

45

50

55Net GEOs Q315 vs Q415

20

25

30

35

40

45

50

55Net GEOs Q4FY14 vs Q4FY15

Gold Equivalent Ounce Waterfall

15

Gol

d Eq

uiva

lent

Oun

ces (

GEO

s)

(tho

usan

ds)

Includes Mount Milligan GEOs net of our stream payment

Gol

d Eq

uiva

lent

Oun

ces (

GEO

s)

(tho

usan

ds)

August 6, 2015

16 August 6, 2015

Full Year Estimates vs Production CYTD

Royalty/Stream

Calendar 2015 Operator’s Production Estimate1

First 6 months of 2015 Operator's Production

Actual2

Gold Silver Base Metals Gold Silver Base Metals (oz.) (oz.) (lbs.) (oz.) (oz.) (lbs.)

Andacollo3 52,200 ‐ ‐ 22,200 ‐ ‐

Cortez GSR1 104,100 ‐ ‐ 82,900 ‐ ‐

Cortez GSR2 27,900 ‐ ‐ 26,300 ‐ ‐

Cortez GSR3 132,000 ‐ ‐ 109,200 ‐ ‐

Cortez NVR1 97,200 ‐ ‐ 81,600 ‐ ‐

Holt 64,000 ‐ ‐ 32,100 ‐ ‐

Mount Milligan4 200,000‐220,000 ‐ ‐ 106,000 ‐ ‐

Peñasquito5,6 700,000‐750,000 24‐26 million ‐ 453,600 12.0 million

Lead 175‐185 million 84.2 million

Zinc 400‐415 million 188.0 million

Record gold production for the June quarter of 297koz2 The Metallurgical Enhancement Project feasibility study on track for completion in early 2016; permit applications submitted in May

Recent Operating Highlights

17 August 6, 2015

June quarter production of 59.9koz1

May and June mill throughput of 49.9k TPD (~83% of capacity) June quarter gold recoveries of 72.7%

Mount Milligan

Peñasquito

Phoenix First gold pour (741 oz) on June 243 Commissioning of the mill circuit continues with the processing of low‐grade material

Q4 2015 Financial Highlights Revenue of $73.6 million, an increase of 5% Operating cash flow of $43.9 million, an increase of 37% Record volume of 61,700 GEOs, an increase of 13% Reported net income of $0.23 per share

– Impacted by a non‐cash $0.06/share remeasurment of deferred tax liabilities

Adjusted EBITDA of $55.2 million, a decrease of 3%1 Fiscal 2015 Financial Highlights FY2015 Reported net income of $0.80 per share

– Impacted by $0.37/share non‐cash charge related to an impairment taken in the December quarter

Adjusted EBITDA of $3.33 per basic share, or 78% of revenue Cash dividends of $56.1 million

– Payout ratio of 29% of operating cash flow – Our 14th straight year of increasing dividends

18 August 6, 2015

$650M Revolver

$650M Revolver

Q4 2015 and FY2015 Financial Highlights

Liquidity

19

* For illustrative purposes: Does not include new revenue from PV stream, Andacollo stream or Golden Star streams, or any operating cash flow

August 6, 2015

Date Item ($USD millions)

June 30, 2015 Working Capital $766m

Undrawn Revolver 650m

June 30, 2015 Total Available Liquidity $1,416m

FY2016 Commitments

Andacollo Stream Purchase Andacollo Royalty Sale Rainy River 1st Advanced Payment Golden Star Stream and Loan Puebo Viejo Stream Other

‐525m 300m

‐100m ‐120m ‐610m

‐16m

June 30, 2016 Total Expected Liquidity $345m

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What Makes Royal Gold Unique

Mount Milligan continues to produce at below world average production costs, new additions to the portfolio are all projected to produce in the lower have of worldwide production costs

Growth

Quality

Opportunity

Existing Portfolio Delivered Record Volume in FY2015; and the four new streams will extend that growth for the next several years

Mount Milligan continues to produce at below world average production costs; new additions to the portfolio are all projected to produce in the lower half of worldwide production costs

We are deploying capital opportunistically in a period of gold price weakness, with a focus on asset quality and current and near‐term production

August 6, 2015

Endnotes

SOLID PORTFOLIO. SOLID FUTURE.

Endnotes

22 August 6, 2015

PAGE 5 RECORD VOLUME IN FY2015 1. Royal Gold defines Gold Equivalent Ounces as revenue divided by the average gold price for the same period. PAGE 7 FOUR NEW STREAMS ADDED TO THE PORTFOLIO 1. See Royal Gold’s press release dated August 5, 2015. 2. See Royal Gold’s press release dated July 20, 2015. 3. See Royal Gold’s press release dated July 9, 2015. 4. See Royal Gold’s press relese dated May 7, 2015. PAGE 10 NEW BUSINESS TRANSFORMING THE RGLD PORTFOLIO – PUEBLO VIEJO 1. Cautionary Note to U.S. Investors Concerning Estimates of Proven and Probable Mineral Reserves and Measured and Indicated Mineral

Resources: The mineral reserve estimates reported by the operators were prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, as incorporated by reference in National Instrument 43‐101. RGI has not reconciled the reserve estimates provided by the operatorswith definitions of reserves used by the U.S. Securities and Exchange Commission.

2. While the terms “Mineral Resource,” “Measured Mineral Resource” and “Indicated Mineral Resource” are recognized and required by Canadian securities regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. Under United States standards, mineralization may not be classified as a “Reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve estimation is made. The mineral resources reported herein are estimates previously disclosed by the operator, without reference to the underlying data used to calculate the estimates. Accordingly, RGI is not able to reconcile the estimates prepared in reliance on Canadian National Instrument 43‐101 with terms recognized by the United States Securities and Exchange Commission. Readers are cautioned not to assume that all or any part of the measured or indicated mineral resources will ever be converted into mineral reserves.

3. See Barrick Gold Corporation’s press release dated August 5, 2015. PAGE 11 NEW BUSINESS TRANSFORMING THE RGLD PORTFOLIO – PUEBLO VIEJO 1. See Royal Gold’s press release dated August 5, 2015. PAGE 12 NEW BUSINESS TRANSFORMING THE RGLD PORTFOLIO – RAINY RIVER 1. See Royal Gold’s press release dated July 20, 2015. PAGE 13 NEW BUSINESS TRANSFORMING THE RGLD PORTFOLIO – ANDACOLLO 1. See Royal Gold’s press release dated July 9, 2015.

Many of the matters in these endnotes and the accompanying slides constitute forward looking statements and are subject to numerous risks, which could cause actual results to differ. See complete Cautionary Statement on page 2.

Endnotes (cont.)

23 August 6, 2015

PAGE 14 NEW BUSINESS TRANSFORMING THE RGLD PORTFOLIO – WASSA AND PRESTEA 1. See Royal Gold’s press relese dated May 7, 2015. PAGE 16 FULL YEAR ESTIMATES VS PRODUCTION CYTD 1. There can be no assurance that production estimates received from our operators will be achieved. Please refer to our cautionary language

regarding forward‐looking statements t the beginning of this presentation. 2. Actual production figures for Andacollo and Cortez are based on information provided to us by the operators, and actual production figures for

Holt, Mount Milligan, and Peñasquito (gold) are the operators’ publicly reported figures. 3. The estimated and actual production figures shown for Andacollo are contained gold in concentrate. 4. The estimated and actual production figures shown for Mount Milligan are payable gold in concentrate. 5. The estimated gold and silver production figures reflect payable gold and silver in concentrate and doré, while the estimated lead and zinc

production figures reflect payable metal in concentrate. 6. The actual gold production figure for gold reflects payable gold in concentrate and doré as reported by the operator. The actual production for

silver, lead and zinc were not publicly available. The Company’s royalty interest at Peñasquito includes gold, silver, lead and zinc. PAGE 17 RECENT OPERATING HIGHLIGHTS 1. See Thompson Creek Metals Company’s press release dated July 8, 2015. 2. See Goldcorp’s press release dated July 30, 2015. 3. See Rubicon Minerals’ press release dated June 24, 2015. PAGE 18 Q4 2015 AND FY2015 FINANCIAL HIGHLIGHTS 1. The Company defines Adjusted EBITDA, a non‐GAAP financial measure, as net income plus depreciation, depletion and amortization, non‐cash

charges, income tax expense, interest and other expense, and any impairment of mining assets, less non‐controlling interests in operating income of consolidated subsidiaries, interest and other income, and any royalty portfolio restructuring gains or losses.

Many of the matters in these endnotes and the accompanying slides constitute forward looking statements and are subject to numerous risks, which could cause actual results to differ. See complete Cautionary Statement on page 2.

1660 Wynkoop Street Denver, CO 80202‐1132

303.573.1660 info@royalgold.com www.royalgold.com

SOLID PORTFOLIO. SOLID FUTURE.